Thanks to a quirk in the calendar, Americans had some extra time to file their taxes this year. Due to the complexity of the tax code, every extra minute helps and the real slackers among you have a few hours left to file.
But no matter what the deadline for filing, there's no getting around the fact the U.S. tax code -- 60,000 pages and counting -- is incredibly Byzantine and in need of reform. According to the Laffer Center, $431 billion is spent annually complying with the tax code, money spent to produce "nothing other than, well, tax compliance," Art Laffer writes in The WSJ.
In the same op-ed, Laffer cites a study by the National Taxpayers Union which claims more people are employed by the "tax compliance industry" — including tax attorneys, accountants, financial planners and IRS workers -- than by Wal-Mart, UPS, McDonald's, IBM and Citigroup, combined.
These are staggering figures, albeit unverified.
Still the question remains: How do you simplify the tax code without imposingRead More »from The Only Thing More Complex Than the Tax Code Is Figuring Out How to Fix It